Macy’s $584 Million Warehouse Operation Near Charlotte Expected To Create 2,800 Jobs
An industrial lease that associated a development with the largest number of jobs created in the history of Rowan County, North Carolina, snagged the 2023 CoStar Impact Award winner for lease of the year for the Charlotte market, as judged by a panel of local industry professionals.
Macy’s in February 2022 agreed to lease a warehouse under construction at the 85 North Logistics Center industrial park in China Grove. The iconic retailer plans to use the facility “to meet the growing demands of its automated direct-to-consumer fulfillment needs,” Macy’s said in a news release issued at the time.
The $584 million investment is projected to create about 2,800 jobs. The warehouse is expected to open in August 2024.
State and local authorities will provide Macy’s with a total of $51.9 million in financial incentives. The North Carolina Department of Transportation will also finance road improvements around the facility.
About the project: Silverman Group of Basking Ridge, New Jersey, is developing the 1.4 million-square-foot industrial warehouse in Rowan County, North Carolina, a suburb of Charlotte. Brokers at Avison Young arranged the lease.
What the judges said: “Macy’s is a brand-elevating tenant for the market,” said Chris Skibinski, managing director and principal at Avison Young. “It’s a huge investment with 2,000 employees.”
“It’s the largest square-foot lease, so it’s a big impact,” said David Dorsch, senior director at Cushman & Wakefield.
They made it happen: Henry Lobb and Chris Loyd at Avison Young represented Silverman Group. Bayne Porter, Jeff Bender, Matt Jarratt, Ben McNab, Matt Treble and Fermin Deoca at Cushman & Wakefield represented Macy’s.